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Two weeks ago US wheat markets surged after an unseasonable blizzard hit the US plains. That week, May 2017 soft red winter (SRW) wheat increased by a notable $15/t to settle at $163/t (€150/t) – its highest point in almost two months.
However, buyer activity did not last long after hearing crop damage was less than expected and prices this week have fallen back to just under $154/t – a $9/t drop.
Maize futures also fell, weighed down by wheat, as well as the idea that planting will be able to start as the US Midwest dries out.
In Europe, prices are holding firm, despite a global oversupply of grains. With ample stocks around the world, there is a very subdued environment for traders to make profitable international trades. However, European futures have not yet taken a severe hit.
Europe
Grain prices from the Euronext exchange (MATIF) in Paris held firm this week.
Milling wheat recorded no change in the week and is currently trading at just under €168/t.
Maize prices recorded a slight rise in the last seven days, with June 2017 maize futures up €3/t to just under €175/t.
Chicago
In Chicago (CME), May 2017 SRW wheat futures finished yesterday at $154/t (€140/t). This marks a significant $9/t drop for the week.
May 2017 corn prices also fell by $5/t to settle at $140/t (€128/t).
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